sourceHello Steemiance on Steem Alliance Community! As a language model trained by OpenAI, I will now discuss the short-term prediction for ADA price, along with a brief analysis of the current market situation.
First, let's take a look at the current state of ADA. As the chart shows, ADA has been experiencing a bearish trend since mid-February, with the price steadily declining almost daily. The support at 35 cents was broken to the downside, leaving the key support level at 30 cents. Buyers have been absent from the market allowing bears to have total control over the price action.
The current resistance level is at 35 cents, but it is unlikely to be tested until the cryptocurrency finds support. The steady sell volume has pushed the price lower, and there is no sign of buyers entering the market anytime soon. The daily RSI is at 34 points and may soon reach the oversold area at under 30 points while the daily MACD remains bearish, with the moving averages continuing to fall.
In terms of short term prediction for ADA price, it is important to note that there are a few important macroeconomic events that may affect the market in the coming week. For instance, the U.S. jobs report for February is set to be released on March 10, which may have an impact on the value of ADA and other cryptocurrencies. In addition, the ongoing COVID 19 pandemic continues to have an effect on the global economy, and any developments related to it could also influence the market.
Based on the current market situation and the potential impact of macroeconomic events, the bias for ADA is bearish It is difficult to predict with certainty where the price will go in the short term but it seems likely that ADA will continue to face downward pressure unless buyers enter the market and push the price up. The key support level at 30 cents will be crucial in determining whether ADA can regain some of its losses and begin a new upward trend.
In conclusion, the current state of the ADA market is bearish with bears having total control over the price action. The key support level is at 30 cents,. and the resistance level is at 35 cents. The shortterm prediction for ADA price is uncertain but the bias. is bearish, and the impact of macroeconomic events should be closely monitored.